TRANSIT CARDS MARKET ANALYSIS

Market Challenges And Opportunities

A transit card is a train, bus or metros pass or ticket that provides users the access to transportation services, either as part of a specific number of pre-purchased trips or boundless trips within a limited timeframe. Growing population and urbanization in emerging economies worldwide is increasing the demand for mobility. According to Population Reference Bureau Organization, in 2016, 7,418 million people accounted for the global population up from 7,336 million in 2015. This increasing population has in turn increased demand for public transportation services in various countries worldwide. Public transportation has turned into the most favored method of transportation for individuals to avoid traffic congestion and air pollution. Travelling by trains, bus, and metros is generally more convenient, comfortable, and cost-effective. Public transport frameworks utilize modern ticketing system, such as contactless ticketing, which permits high traveler throughput, so as to make travelling more comfortable and convenient for travelers.